§ 15.262

15.262 Definitions for KRS 15.262 to 15.278. As used in KRS 15.262 to 15.278, unless the context suggests otherwise: (1) 'Advisory committee' means the General Regulatory Sandbox Advisory Committee; (2) 'Applicable agency' means a department or agency of the state that by law regulates a business act ivity and persons engaged in the business activity, including the issuance of licenses or other types of authorization, which the office determines would otherwise regulate a sandbox participant; (3) 'Applicant' means a person that applies to participate i n the regulatory sandbox; (4) 'Consumer' means a person that purchases or otherwise enters into a transaction or agreement to receive an offering pursuant to a demonstration by a sandbox participant; (5) 'Demonstrate' or 'demonstration' means to temporaril y provide an offering in accordance with the provisions of the regulatory sandbox described in KRS 15.262 to 15.278; (6) 'Director' means the director of the Kentucky Office of Regulatory Relief; (7) 'Innovation' means the use or incorporation of a new ide a, a new or emerging technology, or a new use of existing technology to address a problem, provide a benefit, or otherwise

ulatory Relief; (7) 'Innovation' means the use or incorporation of a new ide a, a new or emerging technology, or a new use of existing technology to address a problem, provide a benefit, or otherwise offer a product, production method, or service; (8) 'Innovative offering' means an offering that includes an innovation; (9) (a) 'Offering' means a product, production method, or service. (b) 'Offering' shall not include a product, production method, or service that is subject to regulation under: 1. KRS Chapter 292, the Securities Act of Kentucky; or 2. KRS Chapter 216B, Licensure and Regulation of Health Facilities and Services; (10) 'Product ' means a commercially distributed good that is: (a) Tangible personal property; (b) The result of a production process; and (c) Passed through the distribution channel before consumption; (11) 'Production' means the method or process of creating or obtain ing a good, which may include assembling, breeding, capturing, collecting, extracting, fabricating, farming, fishing, gathering, growing, harvesting, hunting, manufacturing, mining, processing, raising, or trapping a good; (12) 'Regulatory relief office' m eans the Kentucky Office of

, fabricating, farming, fishing, gathering, growing, harvesting, hunting, manufacturing, mining, processing, raising, or trapping a good; (12) 'Regulatory relief office' m eans the Kentucky Office of Regulatory Relief; (13) 'Sandbox' or 'regulatory sandbox' means the General Regulatory Sandbox Program, which allows a person to temporarily demonstrate an offering under a waiver or suspension of one (1) or more administrative regulations; (14) 'Sandbox participant' means a person whose application to participate in the regulatory sandbox is approved in accordance with KRS 15.272; and (15) 'Service' means any commercial activity, duty, or labor performed for another person. Effective: March 15, 2024 History: Created 2023 Ky. Acts ch. 122, sec. 1, effective March 15, 2024.